Can I retire at age 56 with 923,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $923,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%11.7%
1 years$76,220$75,542$74,879$74,233$73,601$73,076
2 years$37,733$37,030$36,349$35,689$35,048$34,519
3 years$24,905$24,200$23,520$22,866$22,236$21,719
4 years$18,493$17,789$17,117$16,474$15,859$15,357
5 years$14,646$13,947$13,283$12,653$12,056$11,572
6 years$12,083$11,389$10,735$10,119$9,539$9,073
7 years$10,253$9,564$8,921$8,319$7,758$7,310
8 years$8,880$8,198$7,565$6,979$6,436$6,007
9 years$7,814$7,138$6,516$5,945$5,420$5,009
10 years$6,961$6,292$5,681$5,124$4,618$4,225
11 years$6,264$5,601$5,001$4,460$3,972$3,596
12 years$5,683$5,027$4,439$3,912$3,442$3,084
13 years$5,192$4,543$3,966$3,453$3,001$2,660
14 years$4,772$4,130$3,563$3,066$2,631$2,306
15 years$4,407$3,773$3,217$2,734$2,317$2,008
16 years$4,089$3,461$2,917$2,448$2,047$1,755
17 years$3,809$3,188$2,654$2,199$1,815$1,538
18 years$3,560$2,946$2,423$1,982$1,614$1,351
19 years$3,337$2,730$2,218$1,791$1,439$1,190
20 years$3,137$2,537$2,036$1,622$1,285$1,050
21 years$2,956$2,363$1,872$1,472$1,150$928
22 years$2,792$2,206$1,726$1,339$1,031$822
23 years$2,642$2,063$1,593$1,219$925$728
24 years$2,505$1,933$1,474$1,112$832$646
25 years$2,380$1,814$1,365$1,015$748$574
26 years$2,264$1,705$1,266$928$674$510
27 years$2,157$1,604$1,175$850$608$454
28 years$2,057$1,512$1,093$779$548$404
29 years$1,965$1,426$1,017$714$495$360
30 years$1,879$1,347$947$655$447$321
31 years$1,799$1,273$883$602$405$286
32 years$1,723$1,205$824$553$366$255
33 years$1,653$1,141$769$509$331$228
34 years$1,587$1,081$719$468$300$203
35 years$1,525$1,026$672$431$272$182
36 years$1,466$973$629$397$246$162
37 years$1,411$925$588$366$223$145
38 years$1,358$879$551$337$202$130
39 years$1,309$836$516$311$183$116
40 years$1,262$795$484$287$166$104
41 years$1,217$757$454$264$151$93
42 years$1,175$721$426$244$137$83
43 years$1,135$687$399$225$124$74
44 years$1,097$655$375$208$113$66
45 years$1,060$624$352$192$102$59
46 years$1,025$595$331$177$93$53
47 years$992$568$311$164$84$47
48 years$961$542$292$151$77$42
49 years$930$518$274$140$70$38
50 years$901$495$258$129$63$34

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $923,000, adding $3,263 every year, while hoping to spend $40,725 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 54/40/6 Blend
55$923,000$923,000$923,000$923,000
56$1,020,512$971,593$957,286$1,074,070
57$1,081,273$975,870$946,024$1,114,905
58$1,146,867$978,991$933,020$1,154,547
59$1,217,743$980,858$918,172$1,196,694
60$1,294,397$981,364$901,375$1,241,591
61$1,377,371$980,396$882,517$1,289,507
62$1,467,263$977,836$861,482$1,340,740
63$1,564,731$973,557$838,148$1,395,621
64$1,670,496$967,424$812,388$1,454,515
65$1,785,353$959,294$784,070$1,517,827
66$1,910,177$949,017$753,054$1,586,006
67$2,045,928$936,432$719,194$1,659,546
68$2,193,664$921,369$682,339$1,738,998
69$2,354,550$903,648$642,329$1,824,969
70$2,529,866$883,078$598,999$1,918,129
71$2,721,021$859,458$552,174$2,019,224
72$2,929,567$832,573$501,674$2,129,075
73$3,157,211$802,198$447,308$2,248,591
74$3,405,833$768,092$388,879$2,378,779
75$3,677,502$730,002$326,181$2,520,750
76$3,974,495$687,661$258,996$2,675,736
77$4,299,322$640,784$187,101$2,845,094
78$4,654,742$589,072$110,258$3,030,330
79$5,043,798$532,209$28,224$3,233,103
80$5,469,837$469,859$0$3,455,250
81$5,936,547$401,668$0$3,702,599
82$6,447,987$327,262$0$3,975,769
83$7,008,631$246,247$0$4,275,446
84$7,623,403$158,206$0$4,604,388
85$8,297,729$62,696$0$4,965,636
86$9,037,583$0$0$5,362,552
87$9,849,547$0$0$5,816,780
88$10,740,871$0$0$6,345,788
89$11,719,540$0$0$6,926,729
90$12,794,350$0$0$7,564,836
91$13,974,993$0$0$8,265,875
92$15,272,144$0$0$9,036,197
93$16,697,562$0$0$9,882,798
94$18,264,205$0$0$10,813,388
95$19,986,345$0$0$11,836,458
96$21,879,707$0$0$12,961,364
97$23,961,618$0$0$14,198,414
98$26,251,164$0$0$15,558,967
99$28,769,375$0$0$17,055,533
100$31,539,423$0$0$18,701,900